Vinaconex Investment & Tourism Development Joint Stock Co., or Vinaconex-ITC, has launched the Cat Ba Amatina tourism urban area project in Haiphong City with a total investment of US$1 billion.

The project will cover more than 170ha in Cat Hai District with seven resorts, 800 villas, two cruise wharfs, a convention center and international commercial center, sports and entertainment areas and five-star hotels. The tourism urban area is designed under world-class environment protection standards.

The project is designed by U.S.-based group 70/Pacmar, Inc., Vinaconex R&D Joint Stock Co. and French Land Design Group. The area is expected to accommodate about 7,000 people.

In addition, Vinaconex-ITC has also announced that it will trade 30 million shares on the Hanoi Stock Exchange on May 10 under the code VCR.

The enterprise earned VND50 billion in revenue and VND19 billion in after-tax profits in 2009. The company has obtained over VND20 billion in pre-tax profits in this year’s first quarter, 30% of 2010’s target.

The enterprise has plans to issue six million shares to existing shareholders to increase its chartered capital to VND360 billion this year to develop the Cat Ba Amatina project and other real estate projects in Hanoi and Haiphong cities.

 
(Source: SGT)